Tourism Event Market Definition And Segments
A tourism event refers to a planned and organized occasion or activity designed to attract visitors and enhance the tourism experience in a specific destination. It is scheduled for a particular period and includes various activities and attractions. Tourism events showcase the destination's culture and traditions, fostering a deeper understanding and appreciation for the local way of life.
The main types of tourism events are cultural or festival events, tourism fairs, sports events, business events, music and entertainment events, spiritual and religious tourism, and travel trade shows. Cultural or festival event tourism fairs are specialized exhibitions that highlight, promote, and provide platforms for tourism professionals, cultural organizations, and local communities to showcase their unique cultural, artistic, and festival experiences from various regions to a wider audience. Various revenue sources for tourism events include online registration, offline registration, sponsorship, and others. The tourism events are carried out in several channels, such as the virtual channel and the physical channel, by organization size, including corporations, associations, government agencies, and non-profit organizations.
The tourism event market covered in this report is segmented –
1) By Event Type: Cultural Or Festival Event Tourism Fair, Sports Event Tourism, Business Events, Music And Entertainment Events, Spiritual And Religious Tourism, Travel Trade Shows
2) By Revenue Source: On-Line Registration, Off-Line Registration, Sponsorship, Other Revenue Sources
3) By Channel: Virtual Channel, Physical Channel
4) By Organization Size: Corporations, Associations, Government Agencies, Non-Profit Organizations
The tourism event market size has grown strongly in recent years. It will grow from $1627.39 billion in 2023 to $1709.7 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to globalization, rising digital marketing, surging disposable income, increasing cultural exchange, emerging destinations.
The tourism event market size is expected to see steady growth in the next few years. It will grow to $2009.03 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to increased government support, rising social media influence, surge in medical tourism events, rising infrastructure development, increased preference for experiential marketing. Major trends in the forecast period include event technology advancements, collaborations and partnerships, live streaming and social media engagement, virtual reality (VR) experiences, personalized experiences.
Government Investment Powering Growth In The Tourism Event Market
The increasing government investment is expected to fuel the growth of the tourism event market going forward. Government investment refers to the allocation of funds by the government into various sectors, projects, or initiatives aimed at stimulating economic growth, improving infrastructure, fostering development, providing public services, or supporting specific industries. Government investment significantly influences the expansion rate of tourism events, and by allocating funds towards infrastructure development, promotional initiatives, and cultural enrichment, governments bolster the foundations necessary for hosting successful events, enhancing tourism experiences, and elevating local economies. For instance, in March 2023, the Government of British Columbia, a Victoria-based governing body responsible for administering the province's policies and programs, invested in the Tourism Events Program (TEP), offering funding up to 10% of the event budget (maximum $250,000, minimum $10,000). Eligibility requires a minimum event budget of $100,000 to promote events, attract tourism, and stimulate economic growth by showcasing regional attractions and fostering community resilience. Furthermore, in May 2022, the U.S. Economic Development Administration (EDA), a US-based federal agency within the United States Department of Commerce, allocated $510 million for state investments in travel projects and an extra $240 million for communities hit hard by challenges in travel, tourism, and outdoor recreation. Therefore, increasing government investment will drive the growth of the tourism event market.
Major companies operating in the tourism event market report are TUI Group, Live Nation Worldwide Inc., Carnival Corporation & PLC, Reed Exhibitions, Royal Caribbean Cruises Ltd., CWT Global B.V., Airbnb Inc., BCD Group International BV, Informa Markets, American Express Global Business Travel, ATPI Ltd., GL Events, Maritz Holdings LLC, Messe Frankfurt, Cvent Holding Corp., Emerald Expositions, Kuoni Group, Eventbrite Inc., ITE Group, Comexposium, Cox & Kings Ltd., Tarsus Group, Riviera Events, Wizcraft Entertainment, Event Planet, Disney Destinations LLC, TicketWeb
Advancements In Tourism Events Market With Digitally Enhanced Event Apps
Major companies in the tourism events market are focused on developing digitally advanced event planning products, such as event apps, to ensure meticulous organization and coordination in orchestrating events within the tourism or hospitality industries. An event app solution is a software application designed to optimize event planning, organization, and participant experience through features like scheduling, registration, and real-time engagement tools. For instance, in November 2023, Simpleview, a US-based leading CRM, CMS, website design, and digital marketing software provider, launched the Eventsforce mobile app. The Eventsforce mobile app offers a cost-effective solution for tourism event organizations seeking to boost attendee engagement with gamification and engagement features. The app is designed to benefit event attendees, exhibitors, sponsors, organizers, and everyone in between by offering intuitive and easy-to-use features, integration with all major AMS/CRM (Association Management Software/Customer Relationship Management) and event management systems, mobile and desktop access, advanced QR code scanning features, and the capability to boost attendee engagement with gamification and engagement features.
Reed & Mackay Strengthens Presence In Spanish Market With Acquisition Of Atlanta Events & Corporate Travel Consultants
In November 2022, Reed & Mackay, a UK-based corporate travel and events company, acquired Atlanta Events & Corporate Travel Consultants for an undisclosed amount. This strategic acquisition enhances Reed & Mackay's presence in the Spanish market, leveraging the acquired company's specialized knowledge and shared values to strengthen its offerings and service excellence further in corporate travel and events. Atlanta Events & Corporate Travel Consultants is a Spain-based travel, events, congresses, and incentive travel service provider.
North America was the largest region in the tourism event market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the tourism event market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the tourism event market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The tourism event market includes revenues earned by entities by providing services such as event planning and management, catering and food services, retail and merchandise, and transportation services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The tourism event market research report is one of a series of new reports from The Business Research Company that provides tourism event market statistics, including tourism event industry global market size, regional shares, competitors with a tourism event market share, detailed tourism event market segments, market trends and opportunities, and any further data you may need to thrive in the tourism event industry. This tourism event market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.